THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND

Transcription

1 THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND A N N UA L R E P O RT 5 A P R I L 2016 T H E P E A K 5 W I L T O N R O A D L O N D O N S W 1 V 1 AP

2 CONTENTS PAGE 1 Report of the Trustees Statement of Financial Activities 8 3 Balance Sheet 9 4 Cash Flow Statement 10 5 Notes to the Accounts Statement of Trustees' Responsibilities 19 7 Independent Auditors Report 20 1

3 REPORT OF THE TRUSTEES Legal and Administrative THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND The Alan and Babette Sainsbury Charitable Fund (No ) was established under a Trust Deed dated 14 July Trustees Registered Office The Rt Hon Sir Timothy Sainsbury Miss Lindsey Anderson Mr Julian Sainsbury Miss Judith Portrait OBE The Peak 5 Wilton Road London SW1V 1AP Principal Mr Alan Bookbinder Director Officers Mrs Karen Everett Finance Director Ms Catherine Gathercole Executive Mrs Cristine Harding Executive Ms Jo Temple Executive Bankers Solicitors Auditors Investment Advisers Child & Co 1 Fleet Street London EC4Y 1BD Portrait Solicitors 21 Whitefriars Street London EC4Y 8JJ Crowe Clark Whitehill LLP St Bride s House 10 Salisbury Square London EC4Y 8EH Schroder & Co Limited 102 Moorgate London EC2R 6DA Investment Powers The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees. 2

4 REPORT OF THE TRUSTEES (continued) Objects The objects of the Trust as given in the Trust Deed are for general charitable purposes. Organisation The Trust s Settlor, Lord Sainsbury of Drury Lane died in 1998, after which his son Simon Sainsbury guided the Trustees decisions until his own death in September Simon s brother Sir Timothy succeeded him as Chairman and the Trust continues to maintain the distinctive character of grantmaking demonstrated for over forty years by the founder. The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration. The remuneration of the senior staff (including key management personnel) is reviewed by the trustees on an annual basis taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations. Policies During the year the Trustees considered proposals under the following categories: Civil Liberties and Community Relations Overseas Scientific and Medical Research Youth Work General The Trustees concentrate their resources on a small number of categories which build on themes from the Trust s earlier grant-making. Proposals are likely to be invited by the Trustees or initiated at their request. Unsolicited applications are unlikely to be successful. Grants are not made to individuals. Reserves Policy It is the Trustees policy to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Those expected to be paid within twelve months of the yearend are accrued in the accounts, whilst those grants due to be paid after this date are not accrued. The latter are referred to in note 3 to the accounts and amount to 58,000. They represent funds earmarked for continued support to certain existing beneficiaries, although formal commitments have not yet been made. Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust is in a position to meet all its commitments. 3

5 REPORT OF THE TRUSTEES (continued) The Trustees consider that when possible it is appropriate to hold funds, both to meet the short-term working capital needs of the Trust and in anticipation of the potential payment of subsequent grant instalments. Unrestricted reserves at 5 April 2016 were 13,085 (2015: 40,849). In the unlikely event that the Trustees find themselves unable to meet current commitments from the future income, they would be willing to draw on expendable endowment in order to meet those commitments, as they see fit. As at 5 April 2016, the Trust held total funds of 14.6m. Risk Assessment The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review. The Trustees have identified as a key risk the misuse of funds by a grantee charity. The Trustees normally restrict grants to charities registered with the UK Charity Commission or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored; multiyear grants are paid only on receipt of satisfactory progress reports. Investment Policy Trustees meet with their investment managers twice a year to discuss investment strategy and also to seek to ensure that the Trust s income requirements are met and that long term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term. Charities and Public Benefit Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust s aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities. Review of the Past Year During the year the asset value of the Trust decreased from 15,372,907 at 5 April 2015 to 14,586,687 at 5 April 2016, a fall of 5% as a result of market falls. The net unrestricted income of the Trust for the year after charging support costs was 440,321, a decrease of 3% on the previous year s figure of 455,740. The Trustees met twice during the year to make grants. 4

6 REPORT OF THE TRUSTEES (continued) Grants Approved Grants approved during the year may be analysed by number and by value in the categories set out below: Grants Approved Civil Liberties and Community Relations 6 105,500 Overseas 7 110,000 Scientific and Medical Research 1 110,000 Youth Work 6 80,605 General 3 51, ,105 CIVIL LIBERTIES AND COMMUNITY RELATIONS 105,500 The Trustees support projects which promote and protect civil liberties and community relations. This may include support for minority communities or those seeking refuge in the UK, as well as organisations working to promote the importance of human rights, free speech and tolerance. Trustees favour organisations that work with individuals and communities at the grassroots rather than those carrying out national or international campaigns. Grants approved in this category were as follows: Baobab Centre for Young Survivors in Exile 25,000 Towards core costs. Forum for Discussion of Israel & Palestine 10,000 Towards a Jewish-Christian clergy study tour. FORWARD 18,000 Towards a project to end female genital mutilation/cutting in Bristol and Hounslow. Freedom from Torture 17,500 Towards a family therapy service. One Voice Europe 15,000 Towards an outreach and education programme in British schools. Refugee Council 20,000 Support for child refugees. 5

7 REPORT OF THE TRUSTEES (continued) OVERSEAS 110,000 Trustees priorities in this category are: support for education and young people s employment, projects which promote freedom of speech or advance peace and reconciliation. Priority is given to developing countries particularly countries in sub-saharan Africa. Grants approved in this category were as follows: Anglo-Israel Association 10,000 Towards the Colloquium in Build Africa 20,000 To develop and deliver gender-sensitive teacher training in Kwale, Kenya. Friends of the Holy Land 10,000 Towards a Voucher scheme for Christian families. Save the Children 25,000 Towards post-ebola work in Sierra Leone. Teach a Man to Fish 15,000 Towards the School Enterprise Challenge in Rwanda. Training for Life, TANZANIA 15,000 Towards core costs. Tsofen High Technology Centres 15,000 Towards training for Christian and Muslim women in the Israeli high-tech industry. SCIENTIFIC AND MEDICAL RESEARCH 110,000 Trustees prioritise research into multiple sclerosis and diabetes. Juvenile Diabetes Research Foundation 110,000 Towards research into beta cell multiplication. YOUTH WORK 80,605 The Trustees support projects which help young people achieve their potential. They are sympathetic to projects within disadvantaged communities which promote learning and education, particularly in Southwark where the founder worked. Grants approved in this category were as 6

8 follows: REPORT OF THE TRUSTEES (continued) Access Aspiration 16,000 Towards work placement opportunities for Southwark schools. Cambridge House and Talbot 7,500 Towards the Stand Up Southwark project. CoolTan Arts 15,000 Towards the self-advocacy trainer. Foundation for Young Musicians 10,000 Towards the bursary fund. London Youth Support Trust 20,000 Towards core costs. Ovalhouse 12,105 Towards core costs. GENERAL 51,000 A number of grants were approved which do not naturally fit within the other categories. Trustees made these grants as they believe that the diverse activities of these organisations are of distinct benefit. Grants approved in this category were as follows: Ashden Sustainable Solutions, Better Lives 10,000 Towards core costs. Toppesfield Parish Council 11,000 Towards the Parish recreation ground, cricket nets and matting. Wiener Library 30,000 Towards core costs. Approved by the Board of Trustees on 10 November 2016 and signed on their behalf by TRUSTEE Sir Timothy Sainsbury 7

9 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2016 Unrestricted Expendable Total Funds Notes Funds Endowment Income and Endowment from: Investments 2 490, , ,005 Interest on short term deposits Bank deposit interest and other income 1,361-1,361 1,413 Total Income 492, , ,839 Expenditure on: Cost of generating funds: Investment management costs - 97,394 97,394 99,819 Charitable activity: Grant-making: Grant expenditure 3 468, , ,780 Grant related support costs 4 51,835-51,835 53,099 Total Expenditure 519,920 97, , ,698 (27,764) (97,394) (125,158) (79,859) (Losses) / gains on investments: - (661,062) (661,062) 575,961 Net movement in funds (27,764) (758,456) (786,220) 496,102 Reconciliation of funds Total funds brought forward 40,849 15,332,058 15,372,907 14,876,805 Total funds carried forward 13,085 14,573,602 14,586,687 15,372,907 The notes on pages 11 to 18 form part of these accounts. There are no gains and losses in either the current or preceding year other than those recognised in the statement of financial activities. 8

10 BALANCE SHEET AS AT 5 APRIL 2016 THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND FIXED ASSETS Notes Tangible fixed assets 6 5,460 6,370 Investments 7 14,045,689 14,913,996 14,051,149 14,920,366 CURRENT ASSETS Debtors 8 14,819 16,994 Cash at bank and in hand 714, , , ,212 CURRENT LIABILITIES Creditors - amounts falling due within 1 year 9 (194,270) (235,671) NET CURRENT ASSETS 535, ,541 NET ASSETS 14,586,687 15,372,907 CAPITAL FUNDS Expendable endowment 10 14,573,602 15,332,058 INCOME FUNDS Unrestricted funds 10 13,085 40,849 14,586,687 15,372,907 The financial statements were approved and authorised for issue by the Trustees on 10 November 2016 and were signed on their behalf by: Sir Timothy Sainsbury TRUSTEE The notes on pages 11 to 18 form part of these accounts. 9

11 CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2016 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES Net cash (used in) / provided by operating activities (163,474) 1,479 Cash flows from investing activities: Purchase of investment (1,783,481) (1,753,476) Sale of investments 1,990,726 1,960,885 Net cash provided by investing activities 207, ,409 Increase in cash 43, ,888 Reconciliation of net cash (used in) / provided by operating activities Net movement in funds (786,220) 496,102 Losses / (gains) on investments 661,062 (575,961) Depreciation charges Decrease / (increase) in debtors 2,175 20,349 (Decrease) / increase in creditors (41,401) 60,079 (163,474) 1,479 Analysis of the balance of cash as shown in the balance sheet Change in year Cash at bank and in hand 188, ,029 (63,686) Cash balances held by investment manager for reinvestment 526, , , , ,218 43,771 The notes on pages 11 to 18 form part of these accounts. 10

12 NOTES TO THE ACCOUNTS 1. ACCOUNTING POLICIES The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The trust constitutes a public benefit entity as defined by FRS 102. The Trust transitioned from previously extant UK GAAP to FRS102 as at 6 April No adjustments arose from the transition to FRS102. In the opinion of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity. a) Income Recognition (i) (ii) (iii) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable. Dividends are included by reference to their due dates. Interest is included when receivable. b) Expenditure on Charitable activities The Trustees consider that grant-making is the Trust's sole charitable activity. Grants for which there is a legal obligation, or a valid expectation of receipt by the beneficiary at the year end, and for which conditions attaching to their payment have been fulfilled, are accounted for within the Statement of Financial Activities. Grants approved subject to conditions that have not been met at the year end are noted as a commitment (see note 3). c) Investments Net realised and unrealised gains and losses are reflected in the Statement of Financial Activities. Investments are shown at mid market value. Partial disposals are accounted for using average book value. d) Support and Governance costs Most of these costs support the grant-making activity of the Trust and are so allocated. They comprise in the main a share of the staff and office costs of the joint office of the Sainsbury Family Charitable Trusts, which are allocated in proportion to time spent on Trust matters and grants paid. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include fees for statutory audit, legal fees where relevant, together with an allocation of support costs. 11

13 NOTES TO THE ACCOUNTS 1. ACCOUNTING POLICIES (cont ) e) Depreciation Fixed assets are depreciated at rates which reflect their useful life to the Trust. Leasehold improvements - 10% per annum f) Financial Instruments The Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with accrued interest and other debtors. Financial liabilities held at amortised cost comprise grants payable and accruals. Investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. At the balance sheet date the charity held financial assets at amortised cost of 715k (2015: 673k), financial assets at fair value of 14,046k (2015: 14,914k) and financial liabilities at amortised cost of 194k (2015: 236k). g) Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand, cash held for reinvestment and short term deposits. h) Critical accounting judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, which are described in note 1, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the application of the charity's accounting policies, which are described in note 1, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 12

14 NOTES TO THE ACCOUNTS 2. INVESTMENT INCOME Income received on investments may be analysed as follows: % % Fixed interest 37, , UK equities 356, , Overseas equities 96, , , , GRANTS PAYABLE Reconciliation of grants payable: Commitments at 6 April , ,150 Grants not accrued at 6 April ,980 10,100 Grants approved in the year 457, ,660 Grants not accrued at 5 April 2016 (58,000) (68,980) Grants payable for the period 468, ,780 Grants paid during the period (507,985) (376,550) Commitments at 5 April , ,380 Commitments at 5 April 2016 are payable as follows: Within one year (note 9) 165, ,380 Commitments In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2016 was 58,000 (2015: 68,980). 13

15 NOTES TO THE ACCOUNTS 3. GRANTS PAYABLE (CONT/ ) The amount payable in the period consisted of the following: Civil Liberties and Community Relations Baobab Centre for Young Survivors in Exile 25,000 Forum for Discussion of Israel & Palestine 10,000 FORWARD 18,000 Freedom from Torture 17,500 One Voice Europe 15,000 Refugee Council 20,000 Overseas Anglo-Israel Association 10,000 Build Africa 20,000 Friends of the Holy Land 10,000 Save the Children 25,000 Teach a Man to Fish 15,000 Training for Life, Tanzania 15,000 Tsofen - High Technology Centres 15,000 Scientific and Medical Research Cambridge Institute for Clinical Research 20,000 Juvenile Diabetes Research Foundation 55,000 University of Oxford 33,000 Youth Work Access Aspiration 16,000 Bede House Association 6,000 Cambridge House and Talbot 7,500 CoolTan Arts 12,000 Foundation for Young Musicians 10,000 London Youth Support Trust 20,000 Ovalhouse 12,105 General Ashden Sustainable Solutions, Better Lives 10,000 Holocaust Centre 7,500 Phoenix Arch School 1,600 The Sainsbury Archive 880 Toppesfield Parish Church 11,000 Wiener Library 30,000 Total grants payable per Statement of Financial Activities 468,085 14

16 NOTES TO THE ACCOUNTS 4. ALLOCATION OF SUPPORT COSTS Grant- Governance Total Grant- Governance Making Allocated Making Staff costs 31,065 2,035 33,100 31,659 1,841 Share of joint office costs 7,200-7,200 8,200 - Direct costs including travel 2,327-2,327 2,203 - Legal and professional fees 4,758-4,758 4,836 - Depreciation Auditors' remuneration - 3,540 3,540-3,450 46,260 5,575 51,835 47,808 5,291 During the year no Trustee received any remuneration (2015: NIL). 5. ANALYSIS OF STAFF COSTS Salaries and wages 26,873 27,112 Social security costs 3,126 3,164 Other pension costs 3,101 3,224 33,100 33,500 As mentioned in Note 1(d), the Trust is one of the Sainsbury Family Charitable Trusts, which share a joint administration at the Registered Office. 0.9% of the total support and administration costs of these trusts have been allocated to The Alan and Babette Sainsbury Charitable Fund, including a proportionate share of the cost of employing the total number of staff serving in the office in 2015/16. The actual number of staff employed during the period was 8, all on a part-time basis (2015: 9). This was equivalent to 0.5 full time employees (2015: 0.5). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits including employer pension contributions, of these personnel were 24,676 (2015: 23,576). No employee of the charity earned in excess of 60, TANGIBLE FIXED ASSETS Leasehold Improvements Cost At 6 April ,100 9,100 At 5 April ,100 9,100 Depreciation At 6 April ,730 1,820 Charge for the period At 5 April ,640 2,730 NET BOOK VALUE At 5 April ,460 6,370 NET BOOK VALUE At 5 April ,370 7,280 15

17 NOTES TO THE ACCOUNTS 7. FIXED ASSET INVESTMENTS Market value 6 April ,913,996 14,545,444 Less: Disposals at carrying value (2,315,288) (1,984,576) Add: Acquisitions at cost 1,783,481 1,753,476 Net (losses)/gains on revaluation (336,500) 599,652 Market value 5 April ,045,689 14,913,996 Historical cost 5 April ,121,109 11,316,039 The investments held as at 5 April 2016 were as follows: Cost Market Cost Market Value Value Fixed Interest 1,363,873 1,476,341 1,363,873 1,483,830 UK Equities 5,864,631 7,527,580 6,161,965 8,322,650 Overseas Equities 3,882,605 5,031,768 3,780,201 5,097,516 Social Investment 10,000 10,000 10,000 10,000 11,121,109 14,045,689 11,316,039 14,913, DEBTORS Income tax recoverable Prepayments and accrued income - 1,615 Other debtors 14,468 14,960 14,819 16, CREDITORS - amounts falling due within one year Grants payable within one year 165, ,380 Professional charges 5,922 5,850 Investment management fee 22,868 24, , ,671 16

18 NOTES TO THE ACCOUNTS THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Expendable Totals Funds Endowment 2016 Fund balances at 5 April 2016 are represented by: Tangible fixed assets - 5,460 5,460 Investments - 14,045,689 14,045,689 Current assets 184, , ,808 Current liabilities (171,402) (22,868) (194,270) Total net assets 13,085 14,573,602 14,586,687 Unrealised gains included in the above On investment assets (see note below) - 2,924,580 2,924,580 Total unrealised gains at 5 April ,924,580 2,924,580 Reconciliation of movements in unrealised gains/(losses) on investment assets Unrealised gains at 6 April ,597,957 3,597,957 Deduct in respect of disposals during the period - (336,877) (336,877) - 3,261,080 3,261,080 Less: net losses arising on revaluation during the period - (336,500) (336,500) Unrealised gains at 5 April 2016, as above - 2,924,580 2,924, RELATED PARTY TRANSACTIONS Included within grant-related support costs is a total of 4,758 payable for legal services to Portrait Solicitors, a firm in which Miss J S Portrait is a partner. 17

19 12. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2015 Income and Endowment from: Unrestricted Expendable Total Funds Funds Endowment 2015 Investments 507, ,005 Interest on short term deposits Bank deposit interest and other income 1,413-1,413 Total Income 508, ,839 Expenditure on: Cost of generating funds: Investment management costs - 99,819 99,819 Charitable activity: Grant-making: Grant expenditure 435, ,780 Grant related support costs 53,099-53,099 Total Expenditure 488,879 99, ,698 19,960 (99,819) (79,859) Gains on investments: 575, ,961 Net movement in funds 19, , ,102 Reconciliation of funds: Total funds brought forward 20,889 14,855,916 14,876,805 Total funds carried forward 40,849 15,332,058 15,372,907 18

20 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net outgoing resources for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 19

21 Independent Auditor s Report to the Trustees of The Alan and Babette Sainsbury Charitable Fund We have audited the financial statements of the Alan and Babette Sainsbury Charitable Fund for the year ended 5 April 2016 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes numbered 1 to 12. The financial reporting framework that has been applied in their preparation is applicable law and FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. This report is made solely to the charity s trustees, as a body, in accordance with section 154 of the Charities Act Our audit work has been undertaken so that we might state to the charity s trustees those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of trustees and auditor As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the charity s affairs as at 5 April 2016 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland; and have been prepared in accordance with the requirements of the Charities Act Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: the information given in the Trustees Annual Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Crowe Clark Whitehill LLP Statutory Auditor LONDON Crowe Clark Whitehill LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act Date 20